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Arab Finance: Oil tanker traffic through Egypt’s Suez Canal jumped by nearly one-third in April, as the Strait of Hormuz closure boosted demand for the Red Sea shipping route, Bloomberg reported.
This growth drove the canal's revenues to their highest monthly figure since early 2024, reaching $419 million in April.
During that month, a total of 529 oil tankers transited the canal, marking a 28% year-on-year (YoY) increase, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
Likewise, broader traffic surged by 14% YoY, with 1,182 vessels of all types passing through the canal.
At the beginning of US-Iran tensions, Minister of Petroleum and Mineral Resources Karim Badawi affirmed that Egypt would not be affected by the closure of the Strait of Hormuz.
He noted at the time that the country could transport Saudi crude loaded at the port of Yanbu across the Red Sea to the Mediterranean.
